Benefits Of Transferring Previous Employer Pensions

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Contact us today and book your consultation and see how Quigley Financial Brokers can help you choose the best options available or contact richard@quigley.ie for further information.

Transferring your previous employer’s pension into your own name is a common and straightforward process, offering you greater control over your retirement savings. Here’s a comprehensive guide to help you understand your options and the steps involved.

Pension Transfer Options

1. Leave it in the Previous Employer’s Scheme

You can choose to leave your pension where it is. However, this may limit your investment choices and control over the fund to grow your pension tax free. Additionally, the fund may be moved into cash, which could result in a decline in value due to inflation and charges, you have no control whatsoever over your pension.

2. Transfer to a Personal Retirement Bond (PRB)

A PRB is a pension policy set up in your name that allows you to retain control over your pension benefits from a previous employment. It offers flexibility to a wide range of investment funds and access to benefits from age 50.

3. Transfer to a Personal Retirement Savings Account (PRSA)

A PRSA is a flexible pension plan that allows you to transfer funds multiple times. It offers more control over your retirement savings and can be a good option if you anticipate changing employers again as its personally owned, you may not have as wide a choice of funds as the PRB, you can have access to benefits from age 60.

5. Transfer to a New Employer’s Pension Scheme

If your new employer offers a pension plan, you may be able to transfer your funds into their scheme. This can simplify the management of your retirement savings, but it’s essential to compare the fees and investment options with your previous scheme. Your new employer will then have control over your pension.

Summary

Transferring your previous employer’s pension into your own name provides greater control and flexibility over your retirement savings. By understanding your options, consulting with a Qualified Financial Advisor, and carefully considering the associated costs and benefits, investment options you can make an informed decision that aligns with your retirement goals.

The Process for Moving Your Previous Employer Pensions

Contact us today and book your consultation and see how Quigley Financial Brokers can help you choose the best options available. The transfer process typically takes between 4–12 weeks.